BBBEE News / Verification guide draft

Posted by Transcend
Wednesday, 6 April 2016  |  Comments

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BEE News 06 april 2016

The draft Verification draft guide stipulates that your next verification needs to be done using your financial period and not any 12 months, are you prepared for this? Please see link to this draft verification guide, see paragraph from draft verification guide below...

Praragraph: 1.1.15

“Measurement Period” means, the financial period of the Measured Entity, subject to the following:

a) the period of 12 consecutive calendar months’

b) where, however the Measured Entity amended its financial reporting period from one year to another the financial period may, for that particular year in question, must be 12 consecutive months. In such exceptional cases the Measured Entity may at its discretion elect to be measured for the amended financial period (however many months it
may include) or the 12 months ending on the last day of the amended financial period. For purposes of determining it’s classification as an EME. QSE or Generic enterprise the Measured Entity must however, irrespective of election it exercises above, do so with reference to the 12 months ending on the last day of the amended financial period. In the
case where audited financial statements are not available for the Measurement Period, management accounts for the same period will be used.

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